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Members of the oil exporting cartel, OPEC agreed in November to cut oil production by 1.2 million barrels per day for six months beginning from the start of this year with a view to restoring oil prices which would lead to a recovery in the market as reported by an international news agency.

Members of the oil exporting cartel, OPEC agreed in November to cut oil production by 1.2 million barrels per day for six months beginning from the start of this year with a view to restoring oil prices which would lead to a recovery in the market as reported by an international news agency.

Some non-cartel producers also agreed in-principle to cut oil production but consensus regarding the agreement might be reached when oil ministers from participating countries meet next month in Vienna said a market observer.

Oil prices have almost halved since 2014 and currently, linger around $50 per barrel.

The rising stock of oil is a big concern for the cartel members. It needs to be addressed to help restore market stability. All the participating producers who agree on production cuts are committed to restoring stability said an international news agency.